Enel, the Italian electricity group, has created Enelfactoring, a new company which will operate in the corporate factoring sector.
The new company, which will be 90 per cent controlled by Enel and 10 per cent by Italian bank Meliorbanca, will be in charge of suppliers' outstanding credits. Enelfactoring will keep under control the cash flow whilst exemplifying the payments system.
Milano Finanza, June 8 2000